DUNAUJVAROS, Hungary (July 18, 2006) — South Korean tire maker Hankook Tire Co. Ltd. has broken ground on in its $625 million car and light truck tire plant in Dunaujvaros.
Hankook expects to start production at the plant by the second half of 2007 and reach full capacity of 10 million units a year by 2010.
Hankook Tire CEO Cho Choong Hwan was on hand for the ground-breaking ceremony, along with Suh Seung Hwa, president and COO of Hankook Tire Europe, and several Hungarian government dignitaries.
Hankook only recently received word of $116.5 million in aid from the European Commission for the project.
The factory is being built on a 138-acre site located about 40 miles south of Budapest.